Town Sports International Holdings, Inc. Receives Nasdaq Notice Regarding Non-Compliance With Continued Listing Standards
August 20 2020 - 4:01PM
Business Wire
Town Sports International Holdings, Inc. (“TSI” or the
“Company”) (NASDAQ: CLUB) received a notice on August 18, 2020 from
the Listing Qualifications Department of Nasdaq indicating that as
a result of the Company’s failure to timely file its Quarterly
Report on Form 10-Q for the period ended June 30, 2020 (the “Second
Quarterly Report”), and because the Company remains delinquent in
filing its Quarterly Report on Form 10-Q for the period ended March
31, 2020 (the “First Quarterly Report,” and together with the
Second Quarterly Report, the “Reports”), the Company remains in
non-compliance with the continued listing requirements as set forth
in Nasdaq Listing Rule 5250(c)(1). The notice has no immediate
impact on the listing of the Company’s common stock, which will
continue to trade on the Nasdaq Global Market, subject to the
Company’s compliance with other applicable continued listing
requirements.
The notice advises that the Company has until September 8, 2020
to submit a plan to regain compliance with Nasdaq’s continued
listing requirements with respect to its delinquent Reports. If
Nasdaq accepts the plan, Nasdaq can grant an exception of up to 180
calendar days from the filing due date of the First Quarterly
Report, or until December 28, 2020, during which the Company can
regain compliance. If Nasdaq does not accept the plan, the Company
will have the opportunity to appeal that decision to a Nasdaq
Hearings Panel.
The Company’s management is working diligently to complete the
Reports and intends to file them as soon as practicable.
Forward-Looking Statements
Certain statements in this release regarding the Company’s
future reporting intentions contain “forward-looking” statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. You can identify these forward-looking statements by the
use of words such as “outlook,” “believes,” “expects,” “potential,”
“continues,” “may,” “will,” “should,” “seeks,” “approximately,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates,”
“target,” “could,” or the negative version of these words or other
comparable words. Such statements are subject to various risks and
uncertainties, many of which are outside our control, including,
among others, the duration and severity of the COVID-19 pandemic,
actions that may be taken by governmental authorities to contain
the COVID-19 outbreak or treat its impact, the potential negative
impacts of COVID-19 on the economy in the United States and the
impact of COVID-19 on the Company’s financial condition and
business operations and other specific risk factors disclosed in
our prior SEC filings. We believe that all forward-looking
statements are based on reasonable assumptions when made; however,
we caution that it is impossible to predict actual results or
outcomes or the effects of risks, uncertainties or other factors on
anticipated results or outcomes and that, accordingly, one should
not place undue reliance on these statements. Forward-looking
statements speak only as of the date when made, and we undertake no
obligation to update these statements in light of subsequent events
or developments. Actual results may differ materially from
anticipated results or outcomes discussed in any forward-looking
statement.
About Town Sports International Holdings, Inc.
Town Sports International Holdings, Inc. is a diversified
holding company with subsidiaries engaged in a number of business
and investment activities. The Company’s largest operating
subsidiary has been involved in the fitness industry since 1973 and
has grown to become one of the largest owners and operators of
fitness clubs in the Northeast region of the United States. TSI’s
corporate structure provides flexibility to make investments across
a broad spectrum of industries in order to create long-term value
for shareholders.
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version on businesswire.com: https://www.businesswire.com/news/home/20200820005707/en/
Investor Contact: (917) 765-9974
Investor.relations@town-sports.com
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